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Wednesday, May 25, 2005

BCR privatization list to be completed in September

Romanian authorities want to complete the list of selected proposals for the privatization of the Romanian Commercial Bank (BCR) before the end of September.

Final offers will be made public soon after. The procedures must be completed in September so that the privatization announcement of the two state-run banks, including the Romanian Savings Bank (CEC), could be made before the end of October.

The president of the Authority for the Recovery of State Assets Gabriel Zbarcea will present a memo to the government on May 26, on the proposal of the privatization committee on the Romanian Commercial Bank (BCR) and the Romanian Savings Bank (CEC) sales.

The documentation was drawn up based on data supplied by the consulting company Daiwa Securities SMBC Europe, negotiations with other BCR shareholders such as EBRD and the International Financial Corporation and on the project drawn up by the privatization committee of the bank.

The government will decide, on the basis of the documentation, whether the strategy is to be continued or reconsidered.

So far, several important names of the financial market expressed their interest in buying the BCR stock: HVB, Deutsche Bank and Unicredit.

As for CEC, according to Popescu, several companies have already showed an interest. Among them are French-Belgian group Dexia, Erste Bank - Austria, OTP Bank - Hungary, HVB - Germany, Raiffeisen Bank, Groupe Societe Generale, BNP Paribas, EFG Eurobank and Rabo Bank - Netherlands.

The government announced on Monday it will consider listing CEC and BCR stocks at the Bucharest Stock Exchange (BVB) after their privatization by the end of the first quarter of 2006.

Posted by Iulia Rasoiu : 5/25/2005 09:23:00 am